At the same time as they were announcing their emissions trading policy, the government also announced some bad news: according to the latest projected balance of units, our Kyoto liabilty has blown out to 45.5 MTCO2-e. And the chief culprit, responsible for the entire increase, is the dairy industry. So naturally, we're excluding agriculture from the emissions trading scheme until 2013...
The good news is that this deficit is expected to halve as a result of the emissions trading scheme. But that still represents a substantial liability, and one we could have avoided if the government had acted sooner.
